Investment 26/8/2024

The Hang Seng Index opened 119 points lower at 17,521 points, and then fell 147 points to 17,493 points. It fell 28 points or 0.16% for the whole day to 17,612 points. It rose 181 points or 1.04% for the whole week; the technology index fell 39 points or 1.04%. 1.13%, reported at 3,468 points. Main board turnover was HK$78.7 billion. 


The recent performance of Hong Kong stock companies has been mixed, and the overall market has not seen any major good news. Therefore, the Hang Seng Index is expected to go wild this week, fluctuating between 17,300 and 18,000 points. The market's weak trading volume reflects the sluggish market conditions. Even if the Hang Seng Index returns to the 17,000 level, investors' enthusiasm has not returned. It is expected that the trading volume will continue to be sluggish and will take time to gradually improve.


 European stock markets rose across the board, with British, French and German stocks closing up 0.48%, 0.7% and 0.76% respectively. 


U.S. Federal Reserve Chairman Jerome Powell gave a speech at the annual meeting of global central banks in Jackson Hole, Wyoming on Friday, indicating that it was time to adjust policies to boost the job market, and strongly hinted at starting to cut interest rates in September. Analysts pointed out that Powell did not describe the pace of interest rate cuts in progressive terms, which means that more aggressive interest rate cuts are not ruled out. Stimulated by the remarks, U.S. stocks surged, with the three major indexes all closing up more than 1%. After the Dow opened 166 points higher, the gain expanded to 495 points, reaching a high of 41,207 points. The S&P 500 rose as much as 1.28%, and the Nasdaq once rose 1.83%.


 At the close of the U.S. market, the Dow rose 462 points, or 1.14%, to 41,175 points; the S&P 500 rose 63 points, or 1.15%, to 5,634 points; the Nasdaq rose 258 points, or 1.47%, to 17,877 points. 


Last week, the Dow gained 1.27%, the S&P 500 rose 1.45%, and the Nasdaq rose 1.4%. 


The U.S. dollar exchange rate plummeted, with the U.S. dollar index falling as much as 0.9% to 100.6; the British pound once rose 1.06% to $1.323; the Euro also rose 0.82% to $1.1204; the Japanese yen rebounded as much as 1.54% to 144.05 per dollar.

 

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